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Inside MBS & ABS

January 27, 2022

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Heavy Refi Activity Drives CLO Issuance to New High

Refinance and restructuring deals accounted for just over half of last year's record $459.84 billion of CLO and CDO issuance. The major collateral groups all posted big gains from 2020, though CRE faltered a bit in the fourth quarter. Read More

Nontraditional Collateral on the Rise in Non-Agency MBS

Non-agency MBS on offer in recent weeks include deals backed solely by mortgages originated by a Community Development Financial Institution, non-agency mortgages for investment properties and proprietary reverse mortgages. Read More

Few New Ginnie Mae Issuers Approved in 2021

The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality? Read More

Whole-Business ABS Issuance Jumps in January, Ratings Diverge

Four firms are currently offering whole-business ABS. Two of the deals received ratings from both KBRA and S&P, though the rating services differed in their assessments. Read More

Loans with ESG-Related Characteristics Outperform Specified Pools

New York-based fintech dv01 used highly focused geographic data to identify MBS investment opportunities. Read More

SFA Reviews How Greenhouse Gas Emissions Affect Credit Ratings

In a new report, the Structured Finance Association said 2021 green auto ABS deals totaled $3.5 billion and detailed how rating services weigh emissions when considering ESG factors. Read More

Ginnie Mae Simplifies FHA Loan-Modification Requirements

The new documentation process eliminates the need for recordation and title insurance, with certain exceptions, for servicers participating in FHA’s COVID-19-related advanced loan-modification program. Read More

Grapevine: Agency MBS Margin Rule Approved; Taper Update

Margin requirements for trading GSE MBS are on the way; the Fed will end its stimulus-related purchases of agency MBS in March; JPM readies its largest jumbo MBS since 2016. Read More

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